Unity Bancorp, Inc.
64 Old Highway 22
Clinton, NJ 08809
800-618-BANK
www.unitybank.com
NewsNewsNewsNewsNews
For Immediate Release:
October 23, 2014
News Media & Financial Analyst Contact:
Alan J. Bedner, EVP
Chief Financial Officer
(908) 713-4308
Unity Bancorp Reports 59.4% Increase in Quarterly Earnings and
64.6% Increase in Year to Date Earnings
Clinton, NJ - Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income available to common shareholders of $1.9 million, or $0.24 per diluted share, for the three months ended September 30, 2014, a 59.4% increase compared to net income available to common shareholders of $1.2 million, or $0.15 per diluted share, for the same period a year ago. Return on average assets and average common equity for the quarter were 0.82% and 11.89%, respectively, compared to 0.62% and 8.25% for the same period a year ago.
Third quarter highlights include:
· | Completed common stock rights offering which was over subscribed and resulted in $6.2 million in additional capital to provide for continued growth. |
· | Robust loan growth of 12.7% since September 30, 2013 – 22.1% growth in residential mortgage loans, 21.1% growth consumer loans and 12.3% growth in commercial loans. |
· | Strong deposit growth of 7.5% since September 30, 2013. |
· | Core earnings growth – 11.1% increase in net interest income compared to the prior year’s quarter due to strong commercial, residential and consumer loan portfolio growth. |
· | Net interest margin of 3.56% this quarter compared to 3.53% in the prior year’s quarter. |
· | Improved credit quality metrics due to a 32.7% decrease in nonperforming loans this quarter compared to the prior year’s quarter. |
· | Increased our quarterly dividend to common shareholders from $.02 per share to $.03 per share. |
“This was a record quarter and I am very pleased with our results,” reported James A. Hughes, President and CEO. “In addition to a successful capital raise of $6.2 million, which was oversubscribed by $10.0 million, we continued to have strong loan and deposit growth, which produced top line revenue growth. I look forward to reporting a very successful 2014.”
For the nine months ended September 30, 2014, net income available to common shareholders totaled $4.7 million, or $0.61 per diluted share, compared to $2.9 million or $0.36 per diluted share in the prior period. Return on average assets and average common equity for the nine month periods were 0.70% and 10.47%, respectively, compared to 0.63% and 6.67% for the same period a year ago.
Net Interest Income
Net interest income increased $761 thousand to $7.6 million for the quarter and increased $1.9 million to $22.2 million for the nine months ended September 30, 2014 compared to the prior year’s periods. The increases in each period were the result of
momentum from the strong growth in commercial and residential mortgage loan volume. Average commercial loans increased $45.6 million and average residential mortgage loans increased $38.0 million in the third quarter 2014 compared to the comparable quarter in 2013. The volume driven loan interest income increase offset the impact of a smaller investment portfolio and the increase in interest paid on deposits due to the $71.1 million increase in average time deposits.
The net interest margin increased 3 basis points to 3.56% for the quarter ended September 30, 2014 compared to 3.53% the prior year. For the nine month period, the net interest margin declined 3 basis points to 3.54%. We expect net interest income to continue to expand in future quarters due to strong loan growth as our net interest margin remains stable.
Provision for Loan Losses
The provision for loan losses was $550 thousand in the current quarter and $1.7 million for the first nine months of 2014, compared to $600 thousand and $1.6 million for the comparable prior year periods.
Noninterest Income
Noninterest income increased $203 thousand to $1.9 million for the three months ended September 30, 2014, compared to the same period last year. The increase was primarily due to a $305 thousand or $0.04 per diluted share, death benefit received on BOLI. Excluding the BOLI death benefit, noninterest income would have been $1.5 million for the quarter. Quarterly noninterest income saw declines in service and loan fee income and gains on mortgage loan sales. For the nine months ended September 30, 2014, noninterest income decreased $113 thousand to $5.0 million.
During the quarter, $16.5 million in residential mortgage loans were sold at a gain of $263 thousand, compared to $14.1 million sold at a gain of $314 thousand during the prior year’s quarter. Approximately $3.7 million of the sold loans were previously originated loans from our portfolio that were sold at par to reduce interest rate risk. For the nine month period, $45.1 million in residential mortgage loans were sold at a gain of $816 thousand, compared to $62.6 million sold at a gain of $1.3 million during the prior year’s period. All residential mortgage loans that are held in portfolio for long term investment are adjustable rate mortgages or 15 year fully amortizing mortgages.
SBA loan sales totaled $3.2 million with net gains on sale of $295 thousand for the quarter, compared to $3.1 million sold and a gain of $280 thousand in the prior year’s quarter. On a year-to-date basis, SBA loan sales totaled $6.4 million and $6.3 million with net gains on sale of $633 thousand and $607 thousand in 2014 and 2013, respectively. We anticipate an increase in the volume of originations and sales in 2014 due to the addition of SBA business development officers.
Service and loan fee income decreased for the quarter and year to date periods due to lower SBA loan servicing income as the volume of serviced loans declines, reduced late charges, payoff and prepayment penalties were partially offset by increased processing fees.
Noninterest Expense
Noninterest expense increased $306 thousand to $6.2 million for the quarter and $510 thousand to $18.6 million for the nine months ended September 30, 2014. The primary drivers of the increases during both periods were compensation, processing and communications and advertising expenses. Details of significant fluctuations are below.
· | Compensation and benefits expenses increased in both periods primarily due to higher salary expense as we expand our commercial lending staff and increased benefits costs such as medical insurance. For the nine month period, bonus and equity related compensation expense increased while the mortgage commissions decreased as the volume of sold loans decreased. |
· | Processing and communications expenses continue to expand as we add products and services to remain competitive. This category includes the rising costs of providing our customers with products and services such as electronic banking, online bill payment, ATM/debit cards, international wires and foreign currency. In addition, it includes the associated rise in data processing costs of our core banking system and electronic access expenses such as communication line costs. |
· | Advertising expenses increased in both periods due to the use of television and radio media, core deposit promotional expenses as well as seasonal involvement in various community events. |
· | OREO expenses decreased this quarter but remain elevated for the nine month period as we work through the collection process and incur expenses such as property maintenance, insurance and legal costs, as well as delinquent taxes and losses on sale. |
Financial Condition
At September 30, 2014, total assets were $969.6 million, an increase of $48.5 million from the prior year-end:
· | Total securities decreased $20.6 million or 19.2%, from year-end to $86.9 million at September 30, 2014. During the second quarter, we strategically sold longer dated investments in order to reduce the portfolio’s average life and duration. |
· | Total loans increased $65.7 million or 9.7%, from year-end 2013 to $744.4 million at September 30, 2014. The majority of the growth came in our residential mortgage, commercial and consumer loan portfolios which increased $29.4 million, $28.0 million and $9.0 million, respectively. Future loan growth is expected to be primarily in commercial, residential mortgage and consumer loans, while the Company plans to continue shrinking it’s out of market SBA portfolio. |
· | Total deposits increased $43.2 million or 5.9%, to $781.9 million at September 30, 2014, due primarily to an increase in savings, time deposits and noninterest-bearing demand deposits partially offset by a decline in interest-bearing demand deposits. Savings deposits increased due to our promotion during the quarter while time deposits have increased in response to our 15 month and 5 year term promotions. The noninterest-bearing demand deposit increase consists of commercial deposit customer relationships. Partially offsetting these increases was a decline in municipal interest-bearing demand deposits. |
· | Shareholders’ equity was $68.4 million at September 30, 2014, an increase of $11.2 million from year-end 2013, due primarily to the $6.2 million net proceeds from the rights offering which was oversubscribed and completed during the third quarter, plus year-to-date net income less the dividends paid. |
· | Book value per common share was $8.17 as of September 30, 2014. |
· | At September 30, 2014, the leverage, Tier I and Total Risk Based Capital ratios were 8.96%, 11.58% and 12.84% respectively, all in excess of the ratios required to be deemed “well-capitalized”. |
Credit Quality
· | Nonperforming assets totaled $12.9 million at September 30, 2014, or 1.73% of total loans and OREO, compared to $15.9 million or 2.34% of total loans and OREO at year-end 2013. During the quarter the Company transferred two loans into nonaccrual totaling $4.3 million. Both of these loans are well secured and losses, if any, are not expected to be material. |
· | OREO increased $1.0 million to $1.7 million at September 30, 2014, due to the addition of $4.3 million (12 properties) less sale proceeds of $2.8 million (9 properties). |
· | The allowance for loan losses totaled $12.9 million at September 30, 2014, or 1.74% of total loans compared to $13.1 million and 1.94% at year end. |
· | Net charge-offs were $490 thousand for the three months ended September 30, 2014, compared to $1.4 million for the same period a year ago. For the nine months ended September 30, 2014, net charge-offs were $1.9 million and $2.8 million, respectively. |
· | Troubled debt restructurings (“TDRs”) decreased $252 thousand from year-end to $7.7 million due to principal pay downs. There have been no new TDRs recognized in 2014. There was one TDR transferred to nonaccrual status during the quarter. |
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $970 million in assets and $782 million in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 15 retail service centers located in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com , or call 800- 618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, and results of regulatory exams, among other factors.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
UNITY BANCORP, INC.
SUMMARY FINANCIAL HIGHLIGHTS
September 30, 2014
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| September 30, 2014 vs. |
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| June 30, 2014 |
| September 30, 2013 |
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(In thousands, except percentages and per share amounts) |
| September 30, 2014 |
| June 30, 2014 |
| September 30, 2013 |
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BALANCE SHEET DATA: |
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Total assets |
| $ | 969,593 |
| $ | 932,414 |
| $ | 876,101 |
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| 4.0 | % | 10.7 | % |
Total deposits |
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| 781,920 |
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| 728,083 |
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| 727,112 |
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| 7.4 |
| 7.5 |
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Total loans |
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| 744,366 |
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| 708,889 |
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| 660,617 |
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| 5.0 |
| 12.7 |
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Total securities |
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| 86,879 |
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| 90,470 |
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| 106,906 |
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| (4.0) |
| (18.7) |
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Total shareholders' equity |
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| 68,384 |
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| 60,477 |
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| 55,939 |
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| 13.1 |
| 22.2 |
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Allowance for loan losses |
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| (12,918) |
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| (12,858) |
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| (13,550) |
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| 0.5 |
| (4.7) |
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FINANCIAL DATA - QUARTER TO DATE: |
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Income before provision for income taxes |
| $ | 2,694 |
| $ | 2,251 |
| $ | 1,986 |
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| 19.7 |
| 35.6 |
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Provision for income taxes |
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| 808 |
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| 723 |
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| 684 |
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| 11.8 |
| 18.1 |
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Net income |
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| 1,886 |
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| 1,528 |
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| 1,302 |
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| 23.4 |
| 44.9 |
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Preferred stock dividends and discount accretion |
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| - |
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| - |
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| 119 |
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| - |
| (100.0) |
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Income available to common shareholders |
| $ | 1,886 |
| $ | 1,528 |
| $ | 1,183 |
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| 23.4 |
| 59.4 |
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Net income per common share - Basic (1) |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.16 |
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| 20.0 |
| 50.0 |
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Net income per common share - Diluted (1) |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.15 |
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| 20.0 |
| 60.0 |
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Return on average assets |
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| 0.82 | % |
| 0.68 | % |
| 0.62 | % |
| 20.6 |
| 32.3 |
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Return on average equity (2) |
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| 11.89 | % |
| 10.31 | % |
| 8.25 | % |
| 15.3 |
| 44.1 |
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Efficiency ratio |
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| 65.80 | % |
| 70.81 | % |
| 69.93 | % |
| (7.1) |
| (5.9) |
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FINANCIAL DATA - YEAR TO DATE: |
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Income before provision for income taxes |
| $ | 6,900 |
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| $ | 5,810 |
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| 18.8 |
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Provision for income taxes |
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| 2,193 |
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| 1,962 |
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| 11.8 |
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Net income |
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| 4,707 |
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| 3,848 |
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| 22.3 |
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Preferred stock dividends and discount accretion |
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| - |
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| 988 |
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| (100.0) |
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Income available to common shareholders |
| $ | 4,707 |
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| $ | 2,860 |
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| 64.6 |
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Net income per common share - Basic (1) |
| $ | 0.61 |
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| $ | 0.38 |
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| 60.5 |
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Net income per common share - Diluted (1) |
| $ | 0.61 |
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| $ | 0.36 |
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| 69.4 |
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Return on average assets |
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| 0.70 | % |
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| 0.63 | % |
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| 11.1 |
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Return on average equity (2) |
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| 10.47 | % |
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| 6.67 | % |
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| 57.0 |
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Efficiency ratio |
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| 69.40 | % |
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| 72.17 | % |
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| (3.8) |
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SHARE INFORMATION: |
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Market price per share |
| $ | 9.63 |
| $ | 9.28 |
| $ | 7.46 |
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| 3.8 |
| 29.1 |
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Dividends paid |
| $ | 0.03 |
| $ | 0.02 |
| $ | 0.01 |
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| 0.5 |
| 2.0 |
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Book value per common share |
| $ | 8.17 |
| $ | 7.95 |
| $ | 7.41 |
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| 2.8 |
| 10.3 |
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Average diluted shares outstanding (QTD) |
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| 7,946 |
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| 7,690 |
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| 7,822 |
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| 3.3 |
| 1.6 |
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CAPITAL RATIOS: |
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Total equity to total assets |
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| 7.05 | % |
| 6.49 | % |
| 6.38 | % |
| 8.6 |
| 10.5 |
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Leverage ratio |
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| 8.96 | % |
| 8.24 | % |
| 8.33 | % |
| 8.7 |
| 7.6 |
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Tier 1 risk-based capital ratio |
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| 11.58 | % |
| 10.86 | % |
| 10.81 | % |
| 6.6 |
| 7.1 |
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Total risk-based capital ratio |
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| 12.84 | % |
| 12.12 | % |
| 12.07 | % |
| 5.9 |
| 6.4 |
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CREDIT QUALITY AND RATIOS: |
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Nonperforming assets |
| $ | 12,870 |
| $ | 13,044 |
| $ | 17,903 |
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| (1.3) |
| (28.1) |
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QTD net chargeoffs (annualized) to QTD average lons |
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| 0.27 | % |
| 0.29 | % |
| 0.84 | % |
| (6.9) |
| (67.9) |
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Allowance for loan losses to total loans |
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| 1.74 | % |
| 1.81 | % |
| 2.05 | % |
| (3.9) |
| (15.1) |
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Nonperforming assets to total loans and OREO |
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| 1.73 | % |
| 1.84 | % |
| 2.70 | % |
| (6.0) |
| (35.9) |
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Nonperforming assets to total assets |
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| 1.33 | % |
| 1.40 | % |
| 2.04 | % |
| (5.0) | % | (34.8) | % |
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(1) | Defined as net income adjusted for dividends accrued and accretion of discount on perpetual preferred stock divided by weighted average shares outstanding. |
(2) | Defined as net income adjusted for dividends accrued and accretion of discount on perpetual preferred stock divided by average shareholders' equity (excluding preferred stock). |
UNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
September 30, 2014
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| September 30, 2014 vs. |
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| December 31, 2013 |
| September 30, 2013 |
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(In thousands, except percentages) |
| September 30, 2014 |
| December 31, 2013 |
| September 30, 2013 |
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ASSETS |
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Cash and due from banks |
| $ | 29,384 |
| $ | 24,272 |
| $ | 27,602 |
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| 21.1 | % | 6.5 | % |
Federal funds sold and interest-bearing deposits |
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| 72,205 |
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| 75,132 |
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| 47,124 |
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| (3.9) |
| 53.2 |
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Cash and cash equivalents |
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| 101,589 |
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| 99,404 |
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| 74,726 |
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| 2.2 |
| 35.9 |
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Securities: |
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Securities available for sale |
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| 66,054 |
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| 81,133 |
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| 80,926 |
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| (18.6) |
| (18.4) |
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Securities held to maturity |
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| 20,825 |
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| 26,381 |
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| 25,980 |
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| (21.1) |
| (19.8) |
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Total securities |
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| 86,879 |
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| 107,514 |
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| 106,906 |
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| (19.2) |
| (18.7) |
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Loans: |
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SBA loans held for sale |
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| 7,835 |
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| 6,673 |
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| 5,893 |
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| 17.4 |
| 33.0 |
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SBA loans held for investment |
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| 44,502 |
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| 48,918 |
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| 50,445 |
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| (9.0) |
| (11.8) |
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SBA 504 loans |
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| 34,152 |
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| 31,564 |
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| 37,041 |
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| 8.2 |
| (7.8) |
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Commercial loans |
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| 391,338 |
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| 363,340 |
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| 348,625 |
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| 7.7 |
| 12.3 |
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Residential mortgage loans |
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| 211,450 |
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| 182,067 |
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| 173,129 |
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| 16.1 |
| 22.1 |
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Consumer loans |
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| 55,089 |
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| 46,139 |
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| 45,484 |
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| 19.4 |
| 21.1 |
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Total loans |
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| 744,366 |
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| 678,701 |
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| 660,617 |
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| 9.7 |
| 12.7 |
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Allowance for loan losses |
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| (12,918) |
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| (13,141) |
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| (13,550) |
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| 1.7 |
| 4.7 |
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Net loans |
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| 731,448 |
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| 665,560 |
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| 647,067 |
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| 9.9 |
| 13.0 |
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Premises and equipment, net |
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| 15,420 |
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| 15,672 |
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| 15,671 |
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| (1.6) |
| (1.6) |
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Bank owned life insurance ("BOLI") |
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| 12,907 |
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| 12,749 |
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| 12,648 |
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| 1.2 |
| 2.0 |
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Deferred tax assets |
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| 6,066 |
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| 6,752 |
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| 6,880 |
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| (10.2) |
| (11.8) |
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Federal Home Loan Bank stock |
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| 4,907 |
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| 5,392 |
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| 3,952 |
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| (9.0) |
| 24.2 |
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Accrued interest receivable |
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| 3,422 |
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| 3,272 |
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| 3,131 |
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| 4.6 |
| 9.3 |
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Other real estate owned ("OREO") |
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| 1,658 |
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| 633 |
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| 1,249 |
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| 161.9 |
| 32.7 |
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Goodwill and other intangibles |
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| 1,516 |
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| 1,516 |
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| 1,516 |
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| - |
| - |
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Other assets |
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| 3,781 |
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| 2,654 |
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| 2,355 |
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| 42.5 |
| 60.6 |
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Total assets |
| $ | 969,593 |
| $ | 921,118 |
| $ | 876,101 |
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| 5.3 | % | 10.7 | % |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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|
|
|
|
|
|
|
| |||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
| $ | 149,272 |
| $ | 136,035 |
| $ | 163,617 |
|
| 9.7 | % | (8.8) | % |
Interest-bearing demand deposits |
|
| 117,260 |
|
| 130,806 |
|
| 119,579 |
|
| (10.4) |
| (1.9) |
|
Savings deposits |
|
| 292,108 |
|
| 266,503 |
|
| 280,892 |
|
| 9.6 |
| 4.0 |
|
Time deposits, under $100,000 |
|
| 115,143 |
|
| 108,258 |
|
| 95,990 |
|
| 6.4 |
| 20.0 |
|
Time deposits, $100,000 and over |
|
| 108,137 |
|
| 97,096 |
|
| 67,034 |
|
| 11.4 |
| 61.3 |
|
Total deposits |
|
| 781,920 |
|
| 738,698 |
|
| 727,112 |
|
| 5.9 |
| 7.5 |
|
Borrowed funds |
|
| 100,000 |
|
| 107,000 |
|
| 75,000 |
|
| (6.5) |
| 33.3 |
|
Subordinated debentures |
|
| 15,465 |
|
| 15,465 |
|
| 15,465 |
|
| - |
| - |
|
Accrued interest payable |
|
| 476 |
|
| 454 |
|
| 430 |
|
| 4.8 |
| 10.7 |
|
Accrued expenses and other liabilities |
|
| 3,348 |
|
| 2,328 |
|
| 2,155 |
|
| 43.8 |
| 55.4 |
|
Total liabilities |
|
| 901,209 |
|
| 863,945 |
|
| 820,162 |
|
| 4.3 |
| 9.9 |
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
| 58,638 |
|
| 52,051 |
|
| 51,944 |
|
| 12.7 |
| 12.9 |
|
Retained earnings |
|
| 9,751 |
|
| 5,598 |
|
| 4,408 |
|
| 74.2 |
| 121.2 |
|
Accumulated other comprehensive loss |
|
| (5) |
|
| (476) |
|
| (413) |
|
| 98.9 |
| 98.8 |
|
Total shareholders' equity |
|
| 68,384 |
|
| 57,173 |
|
| 55,939 |
|
| 19.6 |
| 22.2 |
|
Total liabilities and shareholders' equity |
| $ | 969,593 |
| $ | 921,118 |
| $ | 876,101 |
|
| 5.3 | % | 10.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued and outstanding common shares |
|
| 8,370 |
|
| 7,577 |
|
| 7,546 |
|
|
|
|
|
|
UNITY BANCORP, INC.
QTD CONSOLIDATED STATEMENTS OF INCOME
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| September 30, 2014 vs. |
| ||||||||||
|
| For the three months ended |
|
| June 30, 2014 |
| September 30, 2013 |
| |||||||||||||||
(In thousands, except percentages and per share amounts) |
| September 30, 2014 |
| June 30, 2014 |
| September 30, 2013 |
|
| $ |
| % |
| $ |
| % |
| |||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest-bearing deposits |
| $ | 12 |
| $ | 10 |
| $ | 9 |
|
| $ | 2 |
|
| 20.0 | % | $ | 3 |
|
| 33.3 | % |
Federal Home Loan Bank stock |
|
| 40 |
|
| 40 |
|
| 40 |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 461 |
|
| 552 |
|
| 591 |
|
|
| (91) |
|
| (16.5) |
|
| (130) |
|
| (22.0) |
|
Tax-exempt |
|
| 81 |
|
| 90 |
|
| 109 |
|
|
| (9) |
|
| (10.0) |
|
| (28) |
|
| (25.7) |
|
Total securities |
|
| 542 |
|
| 642 |
|
| 700 |
|
|
| (100) |
|
| (15.6) |
|
| (158) |
|
| (22.6) |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 636 |
|
| 643 |
|
| 586 |
|
|
| (7) |
|
| (1.1) |
|
| 50 |
|
| 8.5 |
|
SBA 504 loans |
|
| 419 |
|
| 433 |
|
| 411 |
|
|
| (14) |
|
| (3.2) |
|
| 8 |
|
| 1.9 |
|
Commercial loans |
|
| 4,926 |
|
| 4,738 |
|
| 4,387 |
|
|
| 188 |
|
| 4.0 |
|
| 539 |
|
| 12.3 |
|
Residential mortgage loans |
|
| 2,327 |
|
| 2,052 |
|
| 1,861 |
|
|
| 275 |
|
| 13.4 |
|
| 466 |
|
| 25.0 |
|
Consumer loans |
|
| 589 |
|
| 544 |
|
| 480 |
|
|
| 45 |
|
| 8.3 |
|
| 109 |
|
| 22.7 |
|
Total loans |
|
| 8,897 |
|
| 8,410 |
|
| 7,725 |
|
|
| 487 |
|
| 5.8 |
|
| 1,172 |
|
| 15.2 |
|
Total interest income |
|
| 9,491 |
|
| 9,102 |
|
| 8,474 |
|
|
| 389 |
|
| 4.3 |
|
| 1,017 |
|
| 12.0 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
| 98 |
|
| 109 |
|
| 90 |
|
|
| (11) |
|
| (10.1) |
|
| 8 |
|
| 8.9 |
|
Savings deposits |
|
| 216 |
|
| 188 |
|
| 183 |
|
|
| 28 |
|
| 14.9 |
|
| 33 |
|
| 18.0 |
|
Time deposits |
|
| 725 |
|
| 693 |
|
| 510 |
|
|
| 32 |
|
| 4.6 |
|
| 215 |
|
| 42.2 |
|
Borrowed funds and subordinated debentures |
|
| 820 |
|
| 807 |
|
| 820 |
|
|
| 13 |
|
| 1.6 |
|
| - |
|
| - |
|
Total interest expense |
|
| 1,859 |
|
| 1,797 |
|
| 1,603 |
|
|
| 62 |
|
| 3.5 |
|
| 256 |
|
| 16.0 |
|
Net interest income |
|
| 7,632 |
|
| 7,305 |
|
| 6,871 |
|
|
| 327 |
|
| 4.5 |
|
| 761 |
|
| 11.1 |
|
Provision for loan losses |
|
| 550 |
|
| 550 |
|
| 600 |
|
|
| - |
|
| - |
|
| (50) |
|
| (8.3) |
|
Net interest income after provision for loan losses |
|
| 7,082 |
|
| 6,755 |
|
| 6,271 |
|
|
| 327 |
|
| 4.8 |
|
| 811 |
|
| 12.9 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch fee income |
|
| 388 |
|
| 342 |
|
| 398 |
|
|
| 46 |
|
| 13.5 |
|
| (10) |
|
| (2.5) |
|
Service and loan fee income |
|
| 292 |
|
| 285 |
|
| 351 |
|
|
| 7 |
|
| 2.5 |
|
| (59) |
|
| (16.8) |
|
Gain on sale of SBA loans held for sale, net |
|
| 295 |
|
| 255 |
|
| 280 |
|
|
| 40 |
|
| 15.7 |
|
| 15 |
|
| 5.4 |
|
Gain on sale of mortgage loans, net |
|
| 263 |
|
| 188 |
|
| 314 |
|
|
| 75 |
|
| 39.9 |
|
| (51) |
|
| (16.2) |
|
BOLI income |
|
| 400 |
|
| 96 |
|
| 100 |
|
|
| 304 |
|
| 316.7 |
|
| 300 |
|
| 300.0 |
|
Net security gains |
|
| - |
|
| 268 |
|
| 34 |
|
|
| (268) |
|
| (100.0) |
|
| (34) |
|
| (100.0) |
|
Other income |
|
| 215 |
|
| 206 |
|
| 173 |
|
|
| 9 |
|
| 4.4 |
|
| 42 |
|
| 24.3 |
|
Total noninterest income |
|
| 1,853 |
|
| 1,640 |
|
| 1,650 |
|
|
| 213 |
|
| 13.0 |
|
| 203 |
|
| 12.3 |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
| 3,214 |
|
| 3,122 |
|
| 2,984 |
|
|
| 92 |
|
| 2.9 |
|
| 230 |
|
| 7.7 |
|
Occupancy |
|
| 604 |
|
| 619 |
|
| 598 |
|
|
| (15) |
|
| (2.4) |
|
| 6 |
|
| 1.0 |
|
Processing and communications |
|
| 667 |
|
| 597 |
|
| 598 |
|
|
| 70 |
|
| 11.7 |
|
| 69 |
|
| 11.5 |
|
Furniture and equipment |
|
| 377 |
|
| 379 |
|
| 374 |
|
|
| (2) |
|
| (0.5) |
|
| 3 |
|
| 0.8 |
|
Professional services |
|
| 159 |
|
| 247 |
|
| 210 |
|
|
| (88) |
|
| (35.6) |
|
| (51) |
|
| (24.3) |
|
Loan costs |
|
| 225 |
|
| 174 |
|
| 188 |
|
|
| 51 |
|
| 29.3 |
|
| 37 |
|
| 19.7 |
|
OREO expenses |
|
| 71 |
|
| 95 |
|
| 174 |
|
|
| (24) |
|
| (25.3) |
|
| (103) |
|
| (59.2) |
|
Deposit insurance |
|
| 166 |
|
| 171 |
|
| 165 |
|
|
| (5) |
|
| (2.9) |
|
| 1 |
|
| 0.6 |
|
Advertising |
|
| 291 |
|
| 287 |
|
| 218 |
|
|
| 4 |
|
| 1.4 |
|
| 73 |
|
| 33.5 |
|
Other expenses |
|
| 467 |
|
| 453 |
|
| 426 |
|
|
| 14 |
|
| 3.1 |
|
| 41 |
|
| 9.6 |
|
Total noninterest expense |
|
| 6,241 |
|
| 6,144 |
|
| 5,935 |
|
|
| 97 |
|
| 1.6 |
|
| 306 |
|
| 5.2 |
|
Income before provision for income taxes |
|
| 2,694 |
|
| 2,251 |
|
| 1,986 |
|
|
| 443 |
|
| 19.7 |
|
| 708 |
|
| 35.6 |
|
Provision for income taxes |
|
| 808 |
|
| 723 |
|
| 684 |
|
|
| 85 |
|
| 11.8 |
|
| 124 |
|
| 18.1 |
|
Net income |
|
| 1,886 |
|
| 1,528 |
|
| 1,302 |
|
|
| 358 |
|
| 23.4 |
|
| 584 |
|
| 44.9 |
|
Preferred stock dividends and discount accretion |
|
| - |
|
| - |
|
| 119 |
|
|
| - |
|
| - |
|
| (119) |
|
| (100.0) |
|
Income available to common shareholders |
| $ | 1,886 |
| $ | 1,528 |
| $ | 1,183 |
|
| $ | 358 |
|
| 23.4 | % | $ | 703 |
|
| 59.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
| 30.0 | % |
| 32.1 | % |
| 34.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic (1) |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Diluted (1) |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Basic |
|
| 7,847 |
|
| 7,605 |
|
| 7,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Diluted |
|
| 7,946 |
|
| 7,690 |
|
| 7,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Defined as net income adjusted for dividends accrued and accretion of discount on perpetual preferred stock divided by weighted average shares outstanding. |
UNITY BANCORP, INC.
YTD CONSOLIDATED STATEMENTS OF INCOME
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| For the nine months ended September 30, |
|
| Current YTD vs. Prior YTD |
| ||||||||
(In thousands, except percentages and per share amounts) |
| 2014 |
| 2013 |
|
| $ |
| % |
| ||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest-bearing deposits |
| $ | 31 |
| $ | 31 |
|
| $ | - |
|
| - | % |
Federal Home Loan Bank stock |
|
| 127 |
|
| 118 |
|
|
| 9 |
|
| 7.6 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 1,740 |
|
| 1,858 |
|
|
| (118) |
|
| (6.4) |
|
Tax-exempt |
|
| 275 |
|
| 354 |
|
|
| (79) |
|
| (22.3) |
|
Total securities |
|
| 2,015 |
|
| 2,212 |
|
|
| (197) |
|
| (8.9) |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 1,863 |
|
| 2,141 |
|
|
| (278) |
|
| (13.0) |
|
SBA 504 loans |
|
| 1,251 |
|
| 1,503 |
|
|
| (252) |
|
| (16.8) |
|
Commercial loans |
|
| 14,264 |
|
| 12,638 |
|
|
| 1,626 |
|
| 12.9 |
|
Residential mortgage loans |
|
| 6,438 |
|
| 5,060 |
|
|
| 1,378 |
|
| 27.2 |
|
Consumer loans |
|
| 1,628 |
|
| 1,485 |
|
|
| 143 |
|
| 9.6 |
|
Total loans |
|
| 25,444 |
|
| 22,827 |
|
|
| 2,617 |
|
| 11.5 |
|
Total interest income |
|
| 27,617 |
|
| 25,188 |
|
|
| 2,429 |
|
| 9.6 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
| 318 |
|
| 281 |
|
|
| 37 |
|
| 13.2 |
|
Savings deposits |
|
| 586 |
|
| 524 |
|
|
| 62 |
|
| 11.8 |
|
Time deposits |
|
| 2,062 |
|
| 1,593 |
|
|
| 469 |
|
| 29.4 |
|
Borrowed funds and subordinated debentures |
|
| 2,426 |
|
| 2,428 |
|
|
| (2) |
|
| (0.1) |
|
Total interest expense |
|
| 5,392 |
|
| 4,826 |
|
|
| 566 |
|
| 11.7 |
|
Net interest income |
|
| 22,225 |
|
| 20,362 |
|
|
| 1,863 |
|
| 9.1 |
|
Provision for loan losses |
|
| 1,700 |
|
| 1,550 |
|
|
| 150 |
|
| 9.7 |
|
Net interest income after provision for loan losses |
|
| 20,525 |
|
| 18,812 |
|
|
| 1,713 |
|
| 9.1 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch fee income |
|
| 1,106 |
|
| 1,093 |
|
|
| 13 |
|
| 1.2 |
|
Service and loan fee income |
|
| 872 |
|
| 975 |
|
|
| (103) |
|
| (10.6) |
|
Gain on sale of SBA loans held for sale, net |
|
| 633 |
|
| 607 |
|
|
| 26 |
|
| 4.3 |
|
Gain on sale of mortgage loans, net |
|
| 816 |
|
| 1,339 |
|
|
| (523) |
|
| (39.1) |
|
BOLI income |
|
| 593 |
|
| 246 |
|
|
| 347 |
|
| 141.1 |
|
Net security gains |
|
| 378 |
|
| 367 |
|
|
| 11 |
|
| 3.0 |
|
Other income |
|
| 621 |
|
| 505 |
|
|
| 116 |
|
| 23.0 |
|
Total noninterest income |
|
| 5,019 |
|
| 5,132 |
|
|
| (113) |
|
| (2.2) |
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
| 9,553 |
|
| 9,325 |
|
|
| 228 |
|
| 2.4 |
|
Occupancy |
|
| 1,882 |
|
| 1,918 |
|
|
| (36) |
|
| (1.9) |
|
Processing and communications |
|
| 1,847 |
|
| 1,720 |
|
|
| 127 |
|
| 7.4 |
|
Furniture and equipment |
|
| 1,112 |
|
| 1,110 |
|
|
| 2 |
|
| 0.2 |
|
Professional services |
|
| 617 |
|
| 634 |
|
|
| (17) |
|
| (2.7) |
|
Loan costs |
|
| 569 |
|
| 594 |
|
|
| (25) |
|
| (4.2) |
|
OREO expenses |
|
| 414 |
|
| 364 |
|
|
| 50 |
|
| 13.7 |
|
Deposit insurance |
|
| 515 |
|
| 493 |
|
|
| 22 |
|
| 4.5 |
|
Advertising |
|
| 729 |
|
| 519 |
|
|
| 210 |
|
| 40.5 |
|
Other expenses |
|
| 1,406 |
|
| 1,457 |
|
|
| (51) |
|
| (3.5) |
|
Total noninterest expense |
|
| 18,644 |
|
| 18,134 |
|
|
| 510 |
|
| 2.8 |
|
Income before provision for income taxes |
|
| 6,900 |
|
| 5,810 |
|
|
| 1,090 |
|
| 18.8 |
|
Provision for income taxes |
|
| 2,193 |
|
| 1,962 |
|
|
| 231 |
|
| 11.8 |
|
Net income |
|
| 4,707 |
|
| 3,848 |
|
|
| 859 |
|
| 22.3 |
|
Preferred stock dividends and discount accretion |
|
| - |
|
| 988 |
|
|
| (988) |
|
| (100.0) |
|
Income available to common shareholders |
| $ | 4,707 |
| $ | 2,860 |
|
| $ | 1,847 |
|
| 64.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
| 31.8 | % |
| 33.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic (1) |
| $ | 0.61 |
| $ | 0.38 |
|
|
|
|
|
|
|
|
Net income per common share - Diluted (1) |
| $ | 0.61 |
| $ | 0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Basic |
|
| 7,680 |
|
| 7,542 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - Diluted |
|
| 7,765 |
|
| 7,867 |
|
|
|
|
|
|
|
|
(1) | Defined as net income adjusted for dividends accrued and accretion of discount on perpetual preferred stock divided by weighted average shares outstanding. |
UNITY BANCORP, INC.
QTD NET INTEREST MARGIN
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months ended |
| ||||||||||||||||
|
| September 30, 2014 |
| June 30, 2014 |
| ||||||||||||||
|
| Average Balance |
| Interest |
| Rate/Yield |
| Average Balance |
| Interest |
| Rate/Yield |
| ||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest-bearing deposits |
| $ | 38,754 |
| $ | 12 |
|
| 0.12 | % | $ | 47,859 |
| $ | 10 |
|
| 0.08 | % |
Federal Home Loan Bank stock |
|
| 3,948 |
|
| 40 |
|
| 4.02 |
|
| 4,149 |
|
| 40 |
|
| 3.87 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 75,685 |
|
| 461 |
|
| 2.44 |
|
| 85,598 |
|
| 552 |
|
| 2.58 |
|
Tax-exempt |
|
| 13,348 |
|
| 119 |
|
| 3.57 |
|
| 14,608 |
|
| 133 |
|
| 3.64 |
|
Total securities (A) |
|
| 89,033 |
|
| 580 |
|
| 2.61 |
|
| 100,206 |
|
| 685 |
|
| 2.73 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 53,400 |
|
| 636 |
|
| 4.76 |
|
| 53,965 |
|
| 643 |
|
| 4.77 |
|
SBA 504 loans |
|
| 34,310 |
|
| 419 |
|
| 4.85 |
|
| 34,415 |
|
| 433 |
|
| 5.05 |
|
Commercial loans |
|
| 380,983 |
|
| 4,926 |
|
| 5.13 |
|
| 370,345 |
|
| 4,738 |
|
| 5.13 |
|
Residential mortgage loans |
|
| 201,793 |
|
| 2,327 |
|
| 4.61 |
|
| 185,016 |
|
| 2,052 |
|
| 4.44 |
|
Consumer loans |
|
| 53,000 |
|
| 589 |
|
| 4.41 |
|
| 47,737 |
|
| 544 |
|
| 4.57 |
|
Total loans (B) |
|
| 723,486 |
|
| 8,897 |
|
| 4.89 |
|
| 691,478 |
|
| 8,410 |
|
| 4.87 |
|
Total interest-earning assets |
| $ | 855,221 |
| $ | 9,529 |
|
| 4.43 | % | $ | 843,692 |
| $ | 9,145 |
|
| 4.34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 29,873 |
|
|
|
|
|
|
|
| 24,368 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (12,980) |
|
|
|
|
|
|
|
| (13,037) |
|
|
|
|
|
|
|
Other assets |
|
| 44,656 |
|
|
|
|
|
|
|
| 45,410 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
| 61,549 |
|
|
|
|
|
|
|
| 56,741 |
|
|
|
|
|
|
|
Total assets |
| $ | 916,770 |
|
|
|
|
|
|
| $ | 900,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| $ | 116,646 |
| $ | 98 |
|
| 0.33 | % | $ | 128,351 |
| $ | 109 |
|
| 0.34 | % |
Savings deposits |
|
| 271,356 |
|
| 216 |
|
| 0.32 |
|
| 261,419 |
|
| 188 |
|
| 0.29 |
|
Time deposits |
|
| 221,584 |
|
| 725 |
|
| 1.30 |
|
| 213,122 |
|
| 693 |
|
| 1.30 |
|
Total interest-bearing deposits |
|
| 609,586 |
|
| 1,039 |
|
| 0.68 |
|
| 602,892 |
|
| 990 |
|
| 0.66 |
|
Borrowed funds and subordinated debentures |
|
| 91,574 |
|
| 820 |
|
| 3.50 |
|
| 91,069 |
|
| 807 |
|
| 3.51 |
|
Total interest-bearing liabilities |
| $ | 701,160 |
| $ | 1,859 |
|
| 1.05 | % | $ | 693,961 |
| $ | 1,797 |
|
| 1.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
| 148,724 |
|
|
|
|
|
|
|
| 143,720 |
|
|
|
|
|
|
|
Other liabilities |
|
| 3,921 |
|
|
|
|
|
|
|
| 3,332 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
| 152,645 |
|
|
|
|
|
|
|
| 147,052 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
| 62,965 |
|
|
|
|
|
|
|
| 59,420 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 916,770 |
|
|
|
|
|
|
| $ | 900,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
| $ | 7,670 |
|
| 3.38 | % |
|
|
| $ | 7,348 |
|
| 3.31 | % |
Tax-equivalent basis adjustment |
|
|
|
|
| (38) |
|
|
|
|
|
|
|
| (43) |
|
|
|
|
Net interest income |
|
|
|
| $ | 7,632 |
|
|
|
|
|
|
| $ | 7,305 |
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
| 3.56 | % |
|
|
|
|
|
|
| 3.49 | % |
(A) | Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis. They are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 34 percent and applicable state rates. |
(B) | The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued. |
UNITY BANCORP, INC.
QTD NET INTEREST MARGIN
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months ended |
| ||||||||||||||||
|
| September 30, 2014 |
| September 30, 2013 |
| ||||||||||||||
|
| Average Balance |
| Interest |
| Rate/Yield |
| Average Balance |
| Interest |
| Rate/Yield |
| ||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest-bearing deposits |
| $ | 38,754 |
| $ | 12 |
|
| 0.12 | % | $ | 25,841 |
| $ | 9 |
|
| 0.14 | % |
Federal Home Loan Bank stock |
|
| 3,948 |
|
| 40 |
|
| 4.02 |
|
| 4,022 |
|
| 40 |
|
| 3.95 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 75,685 |
|
| 461 |
|
| 2.44 |
|
| 87,694 |
|
| 591 |
|
| 2.70 |
|
Tax-exempt |
|
| 13,348 |
|
| 119 |
|
| 3.57 |
|
| 18,474 |
|
| 162 |
|
| 3.51 |
|
Total securities (A) |
|
| 89,033 |
|
| 580 |
|
| 2.61 |
|
| 106,168 |
|
| 753 |
|
| 2.84 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 53,400 |
|
| 636 |
|
| 4.76 |
|
| 59,755 |
|
| 586 |
|
| 3.92 |
|
SBA 504 loans |
|
| 34,310 |
|
| 419 |
|
| 4.85 |
|
| 37,971 |
|
| 411 |
|
| 4.29 |
|
Commercial loans |
|
| 380,983 |
|
| 4,926 |
|
| 5.13 |
|
| 335,404 |
|
| 4,387 |
|
| 5.19 |
|
Residential mortgage loans |
|
| 201,793 |
|
| 2,327 |
|
| 4.61 |
|
| 163,805 |
|
| 1,861 |
|
| 4.54 |
|
Consumer loans |
|
| 53,000 |
|
| 589 |
|
| 4.41 |
|
| 45,709 |
|
| 480 |
|
| 4.17 |
|
Total loans (B) |
|
| 723,486 |
|
| 8,897 |
|
| 4.89 |
|
| 642,644 |
|
| 7,725 |
|
| 4.78 |
|
Total interest-earning assets |
| $ | 855,221 |
| $ | 9,529 |
|
| 4.43 | % | $ | 778,675 |
| $ | 8,527 |
|
| 4.36 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 29,873 |
|
|
|
|
|
|
|
| 24,367 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (12,980) |
|
|
|
|
|
|
|
| (14,310) |
|
|
|
|
|
|
|
Other assets |
|
| 44,656 |
|
|
|
|
|
|
|
| 44,184 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
| 61,549 |
|
|
|
|
|
|
|
| 54,241 |
|
|
|
|
|
|
|
Total assets |
| $ | 916,770 |
|
|
|
|
|
|
| $ | 832,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| $ | 116,646 |
| $ | 98 |
|
| 0.33 | % | $ | 115,085 |
| $ | 90 |
|
| 0.31 | % |
Savings deposits |
|
| 271,356 |
|
| 216 |
|
| 0.32 |
|
| 277,501 |
|
| 183 |
|
| 0.26 |
|
Time deposits |
|
| 221,584 |
|
| 725 |
|
| 1.30 |
|
| 150,533 |
|
| 510 |
|
| 1.34 |
|
Total interest-bearing deposits |
|
| 609,586 |
|
| 1,039 |
|
| 0.68 |
|
| 543,119 |
|
| 783 |
|
| 0.57 |
|
Borrowed funds and subordinated debentures |
|
| 91,574 |
|
| 820 |
|
| 3.50 |
|
| 92,025 |
|
| 820 |
|
| 3.49 |
|
Total interest-bearing liabilities |
| $ | 701,160 |
| $ | 1,859 |
|
| 1.05 | % | $ | 635,144 |
| $ | 1,603 |
|
| 0.99 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
| 148,724 |
|
|
|
|
|
|
|
| 137,711 |
|
|
|
|
|
|
|
Other liabilities |
|
| 3,921 |
|
|
|
|
|
|
|
| 2,918 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
| 152,645 |
|
|
|
|
|
|
|
| 140,629 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
| 62,965 |
|
|
|
|
|
|
|
| 57,143 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 916,770 |
|
|
|
|
|
|
| $ | 832,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
| $ | 7,670 |
|
| 3.38 | % |
|
|
| $ | 6,924 |
|
| 3.37 | % |
Tax-equivalent basis adjustment |
|
|
|
|
| (38) |
|
|
|
|
|
|
|
| (53) |
|
|
|
|
Net interest income |
|
|
|
| $ | 7,632 |
|
|
|
|
|
|
| $ | 6,871 |
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
| 3.56 | % |
|
|
|
|
|
|
| 3.53 | % |
(A) | Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis. They are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 34 percent and applicable state rates. |
(B) | The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued. |
UNITY BANCORP, INC.
YEAR TO DATE NET INTEREST MARGIN
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the nine months ended |
| ||||||||||||||||
|
| September 30, 2014 |
| September 30, 2013 |
| ||||||||||||||
|
| Average Balance |
| Interest |
| Rate/Yield |
| Average Balance |
| Interest |
| Rate/Yield |
| ||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest-bearing deposits |
| $ | 42,869 |
| $ | 31 |
|
| 0.10 | % | $ | 37,760 |
| $ | 31 |
|
| 0.11 | % |
Federal Home Loan Bank stock |
|
| 4,028 |
|
| 127 |
|
| 4.22 |
|
| 4,006 |
|
| 118 |
|
| 3.94 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 84,634 |
|
| 1,740 |
|
| 2.74 |
|
| 94,431 |
|
| 1,858 |
|
| 2.62 |
|
Tax-exempt |
|
| 14,920 |
|
| 407 |
|
| 3.64 |
|
| 19,130 |
|
| 525 |
|
| 3.66 |
|
Total securities (A) |
|
| 99,554 |
|
| 2,147 |
|
| 2.87 |
|
| 113,561 |
|
| 2,383 |
|
| 2.80 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 54,047 |
|
| 1,863 |
|
| 4.60 |
|
| 62,695 |
|
| 2,141 |
|
| 4.55 |
|
SBA 504 loans |
|
| 33,491 |
|
| 1,251 |
|
| 4.99 |
|
| 39,493 |
|
| 1,503 |
|
| 5.09 |
|
Commercial loans |
|
| 371,951 |
|
| 14,264 |
|
| 5.13 |
|
| 318,554 |
|
| 12,638 |
|
| 5.30 |
|
Residential mortgage loans |
|
| 189,365 |
|
| 6,438 |
|
| 4.53 |
|
| 147,944 |
|
| 5,060 |
|
| 4.56 |
|
Consumer loans |
|
| 48,918 |
|
| 1,628 |
|
| 4.45 |
|
| 45,703 |
|
| 1,485 |
|
| 4.34 |
|
Total loans (B) |
|
| 697,772 |
|
| 25,444 |
|
| 4.87 |
|
| 614,389 |
|
| 22,827 |
|
| 4.96 |
|
Total interest-earning assets |
| $ | 844,223 |
| $ | 27,749 |
|
| 4.39 | % | $ | 769,716 |
| $ | 25,359 |
|
| 4.40 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
| 25,900 |
|
|
|
|
|
|
|
| 22,340 |
|
|
|
|
|
|
|
Allowance for loan losses |
|
| (13,141) |
|
|
|
|
|
|
|
| (14,682) |
|
|
|
|
|
|
|
Other assets |
|
| 44,559 |
|
|
|
|
|
|
|
| 41,198 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
| 57,318 |
|
|
|
|
|
|
|
| 48,856 |
|
|
|
|
|
|
|
Total assets |
| $ | 901,541 |
|
|
|
|
|
|
| $ | 818,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| $ | 125,341 |
| $ | 318 |
|
| 0.34 | % | $ | 116,709 |
| $ | 281 |
|
| 0.32 | % |
Savings deposits |
|
| 266,384 |
|
| 586 |
|
| 0.29 |
|
| 280,973 |
|
| 524 |
|
| 0.25 |
|
Time deposits |
|
| 213,339 |
|
| 2,062 |
|
| 1.29 |
|
| 132,607 |
|
| 1,593 |
|
| 1.61 |
|
Total interest-bearing deposits |
|
| 605,064 |
|
| 2,966 |
|
| 0.65 |
|
| 530,289 |
|
| 2,398 |
|
| 0.61 |
|
Borrowed funds and subordinated debentures |
|
| 91,304 |
|
| 2,426 |
|
| 3.50 |
|
| 91,387 |
|
| 2,428 |
|
| 3.50 |
|
Total interest-bearing liabilities |
| $ | 696,368 |
| $ | 5,392 |
|
| 1.02 | % | $ | 621,676 |
| $ | 4,826 |
|
| 1.03 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
| 141,598 |
|
|
|
|
|
|
|
| 124,539 |
|
|
|
|
|
|
|
Other liabilities |
|
| 3,477 |
|
|
|
|
|
|
|
| 3,237 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
| 145,075 |
|
|
|
|
|
|
|
| 127,776 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
| 60,098 |
|
|
|
|
|
|
|
| 69,120 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
| $ | 901,541 |
|
|
|
|
|
|
| $ | 818,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
| $ | 22,357 |
|
| 3.37 | % |
|
|
| $ | 20,533 |
|
| 3.37 | % |
Tax-equivalent basis adjustment |
|
|
|
|
| (132) |
|
|
|
|
|
|
|
| (171) |
|
|
|
|
Net interest income |
|
|
|
| $ | 22,225 |
|
|
|
|
|
|
| $ | 20,362 |
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
| 3.54 | % |
|
|
|
|
|
|
| 3.57 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) | Yields related to securities exempt from federal and state income taxes are stated on a fully tax-equivalent basis. They are reduced by the nondeductible portion of interest expense, assuming a federal tax rate of 34 percent and applicable state rates. |
(B) | The loan averages are stated net of unearned income, and the averages include loans on which the accrual of interest has been discontinued. |
UNITY BANCORP, INC.
QUARTERLY ALLOWANCE FOR LOAN LOSSES AND LOAN QUALITY SCHEDULES
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in thousands, except percentages |
| September 30, 2014 |
| June 30, 2014 |
| March 31, 2014 |
| December 31, 2013 |
| September 30, 2013 |
| |||||
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
| $ | 12,858 |
| $ | 12,807 |
| $ | 13,141 |
| $ | 13,550 |
| $ | 14,309 |
|
Provision for loan losses charged to expense |
|
| 550 |
|
| 550 |
|
| 600 |
|
| 800 |
|
| 600 |
|
|
|
| 13,408 |
|
| 13,357 |
|
| 13,741 |
|
| 14,350 |
|
| 14,909 |
|
Less: Chargeoffs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 232 |
|
| 199 |
|
| 53 |
|
| 128 |
|
| 211 |
|
SBA 504 loans |
|
| - |
|
| - |
|
| 92 |
|
| 203 |
|
| 590 |
|
Commercial loans |
|
| 72 |
|
| 134 |
|
| 454 |
|
| 564 |
|
| 253 |
|
Residential mortgage loans |
|
| 201 |
|
| 5 |
|
| 172 |
|
| 125 |
|
| 125 |
|
Consumer loans |
|
| 211 |
|
| 203 |
|
| 179 |
|
| 300 |
|
| 229 |
|
Total chargeoffs |
|
| 716 |
|
| 541 |
|
| 950 |
|
| 1,320 |
|
| 1,408 |
|
Add: Recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 111 |
|
| 10 |
|
| 7 |
|
| 93 |
|
| 12 |
|
SBA 504 loans |
|
| - |
|
| - |
|
| - |
|
| 3 |
|
| - |
|
Commercial loans |
|
| 95 |
|
| 31 |
|
| 9 |
|
| 14 |
|
| 24 |
|
Residential mortgage loans |
|
| 20 |
|
| - |
|
| - |
|
| - |
|
| 13 |
|
Consumer loans |
|
| - |
|
| 1 |
|
| - |
|
| 1 |
|
| - |
|
Total recoveries |
|
| 226 |
|
| 42 |
|
| 16 |
|
| 111 |
|
| 49 |
|
Net chargeoffs |
|
| 490 |
|
| 499 |
|
| 934 |
|
| 1,209 |
|
| 1,359 |
|
Balance, end of period |
| $ | 12,918 |
| $ | 12,858 |
| $ | 12,807 |
| $ | 13,141 |
| $ | 13,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN QUALITY INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans (1) |
| $ | 11,212 |
| $ | 11,929 |
| $ | 12,046 |
| $ | 15,283 |
| $ | 16,654 |
|
Other real estate owned ("OREO") |
|
| 1,658 |
|
| 1,115 |
|
| 2,467 |
|
| 633 |
|
| 1,249 |
|
Nonperforming assets |
|
| 12,870 |
|
| 13,044 |
|
| 14,513 |
|
| 15,916 |
|
| 17,903 |
|
Less: Amount guaranteed by SBA |
|
| 200 |
|
| 2,305 |
|
| 1,320 |
|
| 540 |
|
| 592 |
|
Net nonperforming assets |
| $ | 12,670 |
| $ | 10,739 |
| $ | 13,193 |
| $ | 15,376 |
| $ | 17,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 90 days past due & still accruing |
| $ | - |
| $ | - |
| $ | 5 |
| $ | 19 |
| $ | 861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing Troubled Debt Restructurings (TDRs) |
| $ | 4,194 |
| $ | 6,965 |
| $ | 7,363 |
| $ | 7,452 |
| $ | 7,705 |
|
(1) Nonperforming TDRs included in nonperforming loans |
|
| 3,473 |
|
| 741 |
|
| 448 |
|
| 467 |
|
| 1,765 |
|
Total TDRs |
| $ | 7,667 |
| $ | 7,706 |
| $ | 7,811 |
| $ | 7,919 |
| $ | 9,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans at quarter end |
|
| 1.74 | % |
| 1.81 | % |
| 1.87 | % |
| 1.94 | % |
| 2.05 | % |
Nonperforming loans (1) |
|
| 115.22 |
|
| 107.79 |
|
| 106.32 |
|
| 85.98 |
|
| 81.36 |
|
Nonperforming assets |
|
| 100.37 |
|
| 98.57 |
|
| 88.25 |
|
| 82.56 |
|
| 75.69 |
|
Net nonperforming assets |
|
| 101.96 |
|
| 119.73 |
|
| 97.07 |
|
| 85.46 |
|
| 78.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTD net chargeoffs (annualized) to QTD average loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA loans |
|
| 0.90 | % |
| 1.40 | % |
| 0.34 | % |
| 0.25 | % |
| 1.32 | % |
SBA 504 loans |
|
| - |
|
| - |
|
| 1.18 |
|
| 2.39 |
|
| 6.16 |
|
Commercial loans |
|
| (0.02) |
|
| 0.11 |
|
| 0.50 |
|
| 0.61 |
|
| 0.27 |
|
Residential mortgage loans |
|
| 0.36 |
|
| 0.01 |
|
| 0.39 |
|
| 0.28 |
|
| 0.27 |
|
Consumer loans |
|
| 1.58 |
|
| 1.70 |
|
| 1.58 |
|
| 2.60 |
|
| 1.99 |
|
Total loans |
|
| 0.27 | % |
| 0.29 | % |
| 0.56 | % |
| 0.72 | % |
| 0.84 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
| 1.51 | % |
| 1.68 | % |
| 1.76 | % |
| 2.25 | % |
| 2.52 | % |
Nonperforming loans and TDRs to total loans |
|
| 2.07 |
|
| 2.67 |
|
| 2.84 |
|
| 3.35 |
|
| 3.69 |
|
Nonperforming assets to total loans and OREO |
|
| 1.73 |
|
| 1.84 |
|
| 2.11 |
|
| 2.34 |
|
| 2.70 |
|
Nonperforming assets to total assets |
|
| 1.33 |
|
| 1.40 |
|
| 1.51 |
|
| 1.73 |
|
| 2.04 |
|
UNITY BANCORP, INC.
QUARTERLY FINANCIAL DATA
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except percentages and per share amounts) |
| September 30, 2014 |
| June 30, 2014 |
| March 31, 2014 |
| December 31, 2013 |
| September 30, 2013 |
| |||||
SUMMARY OF INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
| $ | 9,491 |
| $ | 9,102 |
| $ | 9,023 |
| $ | 8,766 |
| $ | 8,474 |
|
Total interest expense |
|
| 1,859 |
|
| 1,797 |
|
| 1,736 |
|
| 1,703 |
|
| 1,603 |
|
Net interest income |
|
| 7,632 |
|
| 7,305 |
|
| 7,287 |
|
| 7,063 |
|
| 6,871 |
|
Provision for loan losses |
|
| 550 |
|
| 550 |
|
| 600 |
|
| 800 |
|
| 600 |
|
Net interest income after provision for loan losses |
|
| 7,082 |
|
| 6,755 |
|
| 6,687 |
|
| 6,263 |
|
| 6,271 |
|
Total noninterest income |
|
| 1,853 |
|
| 1,640 |
|
| 1,526 |
|
| 1,471 |
|
| 1,650 |
|
Total noninterest expense |
|
| 6,241 |
|
| 6,144 |
|
| 6,258 |
|
| 5,862 |
|
| 5,935 |
|
Income before provision for income taxes |
|
| 2,694 |
|
| 2,251 |
|
| 1,955 |
|
| 1,872 |
|
| 1,986 |
|
Provision for income taxes |
|
| 808 |
|
| 723 |
|
| 662 |
|
| 606 |
|
| 684 |
|
Net income |
|
| 1,886 |
|
| 1,528 |
|
| 1,293 |
|
| 1,266 |
|
| 1,302 |
|
Preferred stock dividends and discount accretion |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 119 |
|
Income available to common shareholders |
| $ | 1,886 |
| $ | 1,528 |
| $ | 1,293 |
| $ | 1,266 |
| $ | 1,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - Basic (1) |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.17 |
| $ | 0.17 |
| $ | 0.16 |
|
Net income per common share - Diluted (1) |
| $ | 0.24 |
| $ | 0.20 |
| $ | 0.17 |
| $ | 0.17 |
| $ | 0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price per share |
| $ | 9.63 |
| $ | 9.28 |
| $ | 7.95 |
| $ | 7.66 |
| $ | 7.46 |
|
Dividends paid |
| $ | 0.03 |
| $ | 0.02 |
| $ | 0.02 |
| $ | 0.01 |
| $ | 0.01 |
|
Book value per common share |
| $ | 8.17 |
| $ | 7.95 |
| $ | 7.74 |
| $ | 7.55 |
| $ | 7.41 |
|
Weighted average common shares outstanding - Basic |
|
| 7,847 |
|
| 7,605 |
|
| 7,586 |
|
| 7,560 |
|
| 7,545 |
|
Weighted average common shares outstanding - Diluted |
|
| 7,946 |
|
| 7,690 |
|
| 7,654 |
|
| 7,618 |
|
| 7,822 |
|
Issued and outstanding common shares |
|
| 8,370 |
|
| 7,607 |
|
| 7,602 |
|
| 7,577 |
|
| 7,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING RATIOS (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
| 0.82 | % |
| 0.68 | % |
| 0.59 | % |
| 0.57 | % |
| 0.62 | % |
Return on average equity (2) |
|
| 11.89 |
|
| 10.31 |
|
| 9.06 |
|
| 8.87 |
|
| 8.25 |
|
Efficiency ratio |
|
| 65.80 |
|
| 70.81 |
|
| 71.91 |
|
| 68.87 |
|
| 69.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 969,593 |
| $ | 932,414 |
| $ | 961,168 |
| $ | 921,118 |
| $ | 876,101 |
|
Total deposits |
|
| 781,920 |
|
| 728,083 |
|
| 767,624 |
|
| 738,698 |
|
| 727,112 |
|
Total loans |
|
| 744,366 |
|
| 708,889 |
|
| 683,951 |
|
| 678,701 |
|
| 660,617 |
|
Total securities |
|
| 86,879 |
|
| 90,470 |
|
| 109,459 |
|
| 107,514 |
|
| 106,906 |
|
Total shareholders' equity |
|
| 68,384 |
|
| 60,477 |
|
| 58,810 |
|
| 57,173 |
|
| 55,939 |
|
Allowance for loan losses |
|
| (12,918) |
|
| (12,858) |
|
| (12,807) |
|
| (13,141) |
|
| (13,550) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELDS AND RATES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
| 4.43 | % |
| 4.34 | % |
| 4.39 | % |
| 4.25 | % |
| 4.36 | % |
Interest-bearing liabilities |
|
| 1.05 |
|
| 1.03 |
|
| 1.01 |
|
| 0.99 |
|
| 0.99 |
|
Net interest spread |
|
| 3.38 |
|
| 3.31 |
|
| 3.38 |
|
| 3.26 |
|
| 3.37 |
|
Net interest margin |
|
| 3.56 |
|
| 3.49 |
|
| 3.57 |
|
| 3.42 |
|
| 3.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets |
|
| 12,870 |
|
| 13,044 |
|
| 14,513 |
|
| 15,916 |
|
| 17,903 |
|
QTD net chargeoffs (annualized) to QTD average loans |
|
| 0.27 | % |
| 0.29 | % |
| 0.56 | % |
| 0.72 | % |
| 0.84 | % |
Allowance for loan losses to total loans |
|
| 1.74 |
|
| 1.81 |
|
| 1.87 |
|
| 1.94 |
|
| 2.05 |
|
Nonperforming assets to total loans and OREO |
|
| 1.73 |
|
| 1.84 |
|
| 2.11 |
|
| 2.34 |
|
| 2.70 |
|
Nonperforming assets to total assets |
|
| 1.33 |
|
| 1.40 |
|
| 1.51 |
|
| 1.73 |
|
| 2.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS AND OTHER: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity to total assets |
|
| 7.05 | % |
| 6.49 | % |
| 6.12 | % |
| 6.21 | % |
| 6.38 | % |
Leverage ratio |
|
| 8.96 |
|
| 8.24 |
|
| 8.19 |
|
| 8.08 |
|
| 8.33 |
|
Tier 1 risk-based capital ratio |
|
| 11.58 |
|
| 10.86 |
|
| 10.77 |
|
| 10.74 |
|
| 10.81 |
|
Total risk-based capital ratio |
|
| 12.84 |
|
| 12.12 |
|
| 12.03 |
|
| 11.99 |
|
| 12.07 |
|
Number of banking offices |
|
| 15 |
|
| 15 |
|
| 15 |
|
| 15 |
|
| 15 |
|
Number of ATMs |
|
| 16 |
|
| 16 |
|
| 16 |
|
| 16 |
|
| 16 |
|
Number of employees |
|
| 163 |
|
| 171 |
|
| 162 |
|
| 163 |
|
| 160 |
|
1) | Defined as net income adjusted for dividends accrued and accretion of discount on perpetual preferred stock divided by weighted average shares outstanding. |
2) | Defined as net income adjusted for dividends accrued and accretion of discount on perpetual preferred stock divided by average shareholders' equity (excluding preferred stock). |